Free cash flow is a more reliable metric than EPS for evaluating tech companies because it is less susceptible to accounting manipulation and better reflects the capital-intensive nature of AI infrastructure.

"FCF is much less susceptible to manipulation than reported earnings, which can be altered meaningfully without violating any securities laws. In today's increasingly asset-heavy era, one of the most important distinctions between the two gauges is that EPS, unlike FCF, is affected by amortization and depreciation."